Voluntary Benefits: Critical Illness & Accident Insurance

Critical Illness and Accident Insurance

Forty percent of adults ages 19 to 64 report having trouble paying their medical bills. With more than 60% of people living paycheck to paycheck, a serious medical diagnosis or simple fall down the stairs could cripple a family financially.

Critical illness and accident policies are financial safety nets to keep a person from spiraling into debt after a serious diagnosis or unexpected mishap.

The last thing a person wants after being diagnosed with a critical illness is to worry over how to pay for adequate medical care. Critical illness insurance fills in the gap left by your other insurance policies. A lump sum is paid directly to the insured, and the use of the funds is at the insured’s discretion. You can use critical illness coverage to pay for medical expenses within your deductible, to supplement that portion of your salary not covered by long-term disability, or even to cover additional related expenses such as childcare, travel, lodging or alternative treatments.

Accident insurance assists a person by paying a lump sum benefit that is based on the injury and treatment received. Plans usually include a schedule of benefits outlining the amount paid for various accident related injuries, emergency room expenses and other treatments. Some plans include additional benefits for crutches, preventive services and physical therapy.

You can’t plan for accidents, but your employees can be better prepared financially to handle them when they occur. By offering critical illness and accident insurance to your employees, you’re helping them focus on their recovery rather than financial obstacles.
Contact our Employ Benefits Team